www.gwmg.ca
Great Western Minerals Group Ltd. is a Canadian-based company with six rare earth exploration and development properties in North America with an option on a sizable additional property in South Africa. In addition, as part of the Company’s strategy to pursue a vertically-integrated business model, the Company's wholly-owned subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.
Great Western Minerals' takeover offer for Rare Earth Extraction Co receives board approval
Great Western Minerals Group (TSX-V:GWG) (OTCQX:GWMGF) said Wednesday that its takeover proposal for Rare Earth Extraction Co. (Rareco) has been approved by the target company's board.
In September, Great Western purchased 10 million shares of Rareco, the owner of the Steenkampskraal mine in South Africa, becoming the company's largest shareholder with a 20.8% stake. Great Western also signed an off-take agreement for 100% of the rare earth elements produced at the Steenkampskraal mine.
Following this, Great Western confirmed its intentions to acquire all the remaining shares of Rareco at a price of 3.00 South African Rand per share in cash.
After receiving the approval of Rareco's board, Great Western will now deliver a formal offer to Rareco shareholders by December 21, with the offer expected to remain open until February next year.
Currently, Great Western said it has received all required South African regulatory approvals and the preliminary acceptance of the TSX-Venture Exchange to make the offer.
Great Western's specialty alloys are used in the battery, magnet and aerospace industries. The company also holds interests in seven rare earth exploration and development properties in North America.
It was up 1.25% on Wednesday, trading at $0.40 as of 1:50pm EST.



















